Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Oil prices rose by more than 3 dollars after China’s announcement at the weekend of a huge local economic stimulus package was set to increase demand for crude, David Moore at the Commonwealth Bank of Australia, said: China’s stimulus package is significant. It will support China’s economic growth and therefore demand for oil. For full [...]
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